Surging real estate market has investors looking to cash out (Sarasota: appointed, foreclosures)

[SoFLGal]

Surging real estate market has investors looking to cash out - Sarasota News | Mysuncoast.com and ABC 7: Local News

[fisher419]

I believe that! We saw it last week. It was a feeding frenzy in PGI.

[Sea Ray Mark]

Originally Posted by fisher419

I believe that! We saw it last week. It was a feeding frenzy in PGI.

Fisher, what do you mean by that? Mark

[fisher419]

Originally Posted by Sea Ray Mark

Fisher, what do you mean by that? Mark

While I was there with Mod edit a house came on the market. Before the lock box was on it there were 2 showings and 6 scheduled for the next day. We were able to get in while the owner was there and get an offer in before the next day. The house was on the market for one day and sold.

There are homes on the market in PGI that have been on the market for some time. I've seen a lot of them and they are overpriced junk for the most part. When a nice properly priced home comes on the market there are people waiting to jump on them. I saw it and it was crazy. The listing agent for my house took a lot of grief the following day because the owners agreed to my price the first day.

[mr&mrssunshine]

There are a lot of people missing out by procrastinating. we recently sold our spec home within 5 days of completion and since then could have sold it another 5 times !!! The number of people who have come in and said ' we have been watching it being built, we want it' only to be told 'it's sold' was amazing....fortunately we picked up 5 build contracts off of it, so guess who is happy ?

As far as brand new homes , there is little if any inventory. for most people the only way to get a new home is to build. those who aren't willing to wait end up buying second (or third) choice.

[Macgregorsailor51]

hummm

Originally Posted by fisher419

While I was there with Mod edit a house came on the market. Before the lock box was on it there were 2 showings and 6 scheduled for the next day. We were able to get in while the owner was there and get an offer in before the next day. The house was on the market for one day and sold.

There are homes on the market in PGI that have been on the market for some time. I've seen a lot of them and they are overpriced junk for the most part. When a nice properly priced home comes on the market there are people waiting to jump on them. I saw it and it was crazy. The listing agent for my house took a lot of grief the following day because the owners agreed to my price the first day.

[Sea Ray Mark]

Fisher, congrats on finding a house and good luck with your closing. It's amazing how the market has heated up since I bought my house last year. Just glad I made the move when I did. I would really be upset if I had procrastinated and missed out or had to deal with bidding wars. I consider myself lucky to find a well kept 1987 3/2/2 for just over 200k. Very very plain and no pool but it's a blank canvas for me. Don't see anything like that in the listings anymore. I just hope the home prices in Jersey heat up a little when I get ready to sellMark

[snowtired14]

For near term investors this is good news, for long term............. Beware the next real estate bubble, don't be near it when it pops. 2 years? 3 years? 5 years?

[Big House]

I don't think so. And, I believe Fisher is spot on. The housing market was crushed down here when the recession hit. It was over priced when the economy crashed, and housing prices plummeted and lost a ton of equity, the market overcorrected for a while, and things were priced very low. My house as an example sold for over 65% less than it sold for pre-recession - it was a great deal then, and it lost significant value from that point. Yes, we have done a LOT of work on it including the landscaping, but the correction to the market has regained all the value it lost. As the recession has recovered, almost all of the vacant lots (created because of the damage of hurricane Charley) have been sold. The recession hit just a couple years after the hurricane. There were many great deals to be had after the hurricane, and during the recession - all those factors depressed the housing prices here. Now, there are very few houses (because this area is owned primarily by fairly wealthy people) available, they have all been bought, restored, and upgraded. Again, most all the lots have been sold, so anyone that wants a great piece of waterfront property is going to find it harder to find, and no one is creating more waterfront property, so naturally as the supply decreases the prices are going to rise, and they have been undervalued for a while.

I bought here at a good time, an am happy that the equity has grown for many of the retired people who have bought here pre-hurricane, and before the recession - they all lost a ton of equity / net worth, and it hurt them.

Most houses when they come on the market are priced a bit high - everyone knows that, but quality houses are going to list and sell quickly. When people think they can come in and see a buyers market, and low-ball an offer are going to be very disappointed. Agents have their hands full 1) doing a good evaluation on a house, and informing their clients if it IS a good deal or if it is over priced, and 2) convincing them if they put in a low-ball offer they are wasting their time. I believe Fishers' agent provided him a fantastic service in evaluating deals for him. I know the house he was successful in contracting for, and it is going to prove to be a great investment.

People that believe that we are about to hit another bubble are a long way off. Now most of the buyers moving forward from this recession have been very well financed buyers, or cash buyers, and if they have been fortunate enough to get financing they have been checked and double checked. Banks for the past several years since the recession have not been lending money to those people that will have any difficulty making the payments the banks expect. So the chance of hitting another housing bubble are slim - for a long time to come. Doubters?? If you don't have a secure financial position - go try to buy a house here in PGI and get a loan on poor credit.....

[The Villages Guy]

Something interesting I noticed. Watch the video and you will see the first realtor say she has heard rumors of forclosures coming on the market, but she does not see that happening. Then later she comes back and says the opposite. She says foreclosures WILL be coming on the market.

Huh?